The article states that a value-chain type of innovation process consists of three stages. The first stage is knowledge origination, at which independent research is conducted or development is borrowed from outside. Then there is a transformation of the knowledge, for instance, into a process or product innovation. The last stage is the use of knowledge and its impact on the growth of indicators and productivity of an enterprise. The authors consider the content, conditions and factors impacting an enterprise's investment and innovative activity. Studying the investment and innovative activity as a cyclic process enables to establish interrelations of conditions and features of this activity and its stages. The works of Russian and foreign scientists on various aspects of this problem serve as a theoretical and methodological base. Using the system approach and such general scientific methods as analysis, synthesis, and modeling methods, the authors offer an integrated model of investment and innovation process at an enterprise. The model can be useful for developing the concept of conducting investment and innovative activity of an enterprise, its assessing and updating. The model also enables to look at the investment and innovative process from another angle. This contributes to increasing the overall performance of the enterprise and making reasonable decisions in the area. In addition, the offered model enables to divide all available into two groups: the factors and conditions that have a considerable impact throughout the process, and those having a considerable impact on certain stages of the process.
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